CHICAGO, March 12 (Reuters) - CME Group Inc said its chief executive officer Craig Donohue will step down at year end, when his contract expires.
He will be replaced by current president Phupinder Gill, the exchange operator said. Executive Chairman Terrence Duffy will take on the additional role of president, the company said.
Donohue has run the CME since 2004, steering the owner of the Chicago Mercantile Exchange through the acquisitions of its two largest rivals -- the Chicago Board of Trade and the New York Mercantile Exchange -- and a global expansion that saw the establishment of a London-based clearinghouse.
Donohue, who has worked at CME for 23 years, called his decision “bittersweet,” and added that he is “ready to explore new challenges.”